Market Newsdesk

June 23, 2021 7:36 am

Manulife Investment Management Announces Cash Distributions for Manulife Exchange Traded Funds

Canada NewsWire

C$ unless otherwise stated

TSX/NYSE/PSE: MFC SEHK: 945

TORONTO, June 23, 2021 /CNW/ – Manulife Investment Management today announced the June 2021 cash distributions for Manulife Exchange Traded Funds (ETFs) that distribute monthly, quarterly, and semi-annually. Unitholders of record of the Manulife ETFs at the close of business on June 30, 2021 will receive cash distributions payable on July 13, 2021. The ex-dividend date for the cash distributions is June 29, 2021.

Details of the distribution per unit amounts are as follows:

ETF	Ticker	Distribution Amount (per unit)	Distribution Frequency
Manulife Smart Short-Term Bond ETF	TERM	$ 0.017903	Monthly
Manulife Smart Core Bond ETF	BSKT	$ 0.017754	Monthly
Manulife Smart Corporate Bond ETF	CBND	$ 0.025526	Monthly
Manulife Smart Dividend ETF	CDIV	$ 0.036430	Quarterly
Manulife Smart U.S. Dividend ETF – Unhedged	UDIV.B	$0.026964	Quarterly
Manulife Smart U.S. Dividend ETF – Hedged	UDIV	$ 0.034792	Quarterly
Manulife Multifactor Canadian Large Cap Index ETF	MCLC	$ 0.397418	Semi-Annually
Manulife Multifactor U.S. Large Cap Index ETF – Unhedged	MULC.B	$ 0.184607	Semi-Annually
Manulife Multifactor U.S. Large Cap Index ETF – Hedged	MULC	$ 0.175133	Semi-Annually
Manulife Multifactor U.S. Mid Cap Index ETF – Unhedged	MUMC.B	$ 0.104016	Semi-Annually
Manulife Multifactor U.S. Mid Cap Index ETF – Hedged	MUMC	$ 0.106932	Semi-Annually
Manulife Multifactor Developed International Index ETF – Unhedged	MINT.B	$ 0.320493	Semi-Annually
Manulife Multifactor Developed International Index ETF – Hedged	MINT	$ 0.318683	Semi-Annually
Manulife Multifactor Canadian SMID Cap Index ETF	MCSM	$ 0.196301	Semi-Annually
Manulife Multifactor U.S. Small Cap Index ETF – Unhedged	MUSC.B	$ 0.168032	Semi-Annually
Manulife Multifactor U.S. Small Cap Index ETF – Hedged	MUSC	$ 0.153649	Semi-Annually
Manulife Multifactor Emerging Markets Index ETF	MEME.B	$ 0.156022	Semi-Annually

Manulife ETFs are managed by Manulife Investment Management Limited. Commissions, management fees and expenses all may be associated with exchange traded funds (ETFs). Investment objectives, risks, fees, expenses and other important information are contained in the ETF Facts as well as the prospectus, please read before investing. ETFs are not guaranteed, their values change frequently and past performance may not be repeated.

About Manulife Investment Management

Manulife Investment Management is the global wealth and asset management segment of Manulife Financial Corporation. We draw on more than a century of financial stewardship and the full resources of our parent company to serve individuals, institutions, and retirement plan members worldwide. Headquartered in Toronto, our leading capabilities in public and private markets are strengthened by an investment footprint that spans 17 countries and territories. We complement these capabilities by providing access to a network of unaffiliated asset managers from around the world. We’re committed to investing responsibly across our businesses. We develop innovative global frameworks for sustainable investing, collaboratively engage with companies in our securities portfolios, and maintain a high standard of stewardship where we own and operate assets, and we believe in supporting financial well-being through our workplace retirement plans. Today, plan sponsors around the world rely on our retirement plan administration and investment expertise to help their employees plan for, save for, and live a better retirement.

As of March 31, 2021, Manulife Investment Management had CAD $764.1 billion (US $607.6 billion) in assets under management and administration. Not all offerings are available in all jurisdictions. For additional information, please visit manulifeim.com.

SOURCE Manulife Investment Management

June 23, 2021 7:36 am

CIBC Asset Management announces CIBC ETF cash distributions for June 2021

Canada NewsWire

TORONTO, June 23, 2021 /CNW/ – CIBC (TSX: CM) (NYSE: CM) – CIBC Asset Management Inc. today announced the June 2021 cash distributions for CIBC ETFs, which distribute monthly and quarterly.

Unitholders of record on June 30, 2021, will receive cash distributions payable on July 5, 2021. Details of the final “per unit” distribution amounts are as follows:

CIBC ETF	TSX Ticker Symbols	Cash Distribution Per Unit ($)
CIBC Active Investment Grade Floating Rate Bond ETF	CAFR	$0.024
CIBC Active Investment Grade Corporate Bond ETF	CACB	$ 0.050
CIBC Multifactor Canadian Equity ETF	CMCE	$0.101
CIBC Multifactor U.S. Equity ETF	CMUE	$0.046
CIBC Multifactor U.S. Equity ETF Hedge	CMUE.F	$0.047
CIBC Flexible Yield ETF	CFLX	$0.055
CIBC Canadian Bond Index ETF	CCBI	$0.041
CIBC Canadian Equity Index ETF	CCEI	$0.089
CIBC U.S. Equity Index ETF	CUEI	$0.038
CIBC International Equity Index ETF	CIEI	$0.130
CIBC Core Plus Fixed Income Pool (ETF Share Class)	CPLS	$0.059
CIBC Core Fixed Income Pool (ETF Share Class)	CCRE	$0.056
CIBC Conservative Fixed Income Pool (ETF Share Class)	CCNS	$0.053

CIBC ETFs are managed by CIBC Asset Management Inc., a subsidiary of Canadian Imperial Bank of Commerce. Commissions, management fees and expenses all may be associated with investments in exchange traded funds (ETFs). Please read the CIBC ETFs prospectus or ETF Facts document before investing. To obtain a copy, call 1-888-888-3863, ask your advisor or visit www.cibc.com/etfs. ETFs are not guaranteed, their values change frequently and past performance may not be repeated. CIBC ETFs are offered by registered dealers.

Certain trademarks of Canadian Imperial Bank of Commerce and/or certain of its affiliates (collectively “CIBC”) have been licensed by CIBC Asset Management Inc. for use in connection with the CIBC Multifactor Canadian Equity ETF and CIBC Multifactor U.S. Equity ETF (the “CIBC Equity ETFs”). The securities of the CIBC Equity ETFs are not sponsored, promoted, sold or supported in any other manner by CIBC or by the index calculation agent, Solactive A.G. (“Solactive”) nor do CIBC or Solactive offer any express or implicit guarantee or assurance either with regard to the results of using the Indices on which the CIBC Equity ETFs are based, or the index prices at any time or in any other respect. The prospectus of the CIBC ETFs contains a more detailed description of the limited relationship CIBC and Solactive have with CIBC Asset Management Inc. and the CIBC Equity ETFs.

Morningstar® Canada Core Bond Index, Morningstar® Canada Domestic Index™, Morningstar® US Target Market Exposure Index™ and Morningstar® Developed Markets ex-North America Target Market Exposure Index™ are trademarks or service marks of Morningstar, Inc. and have been licensed for use for certain purposes by CIBC Asset Management. CIBC Canadian Bond Index ETF, CIBC Canadian Equity Index ETF, CIBC U.S. Equity Index ETF and CIBC International Equity Index ETF (collectively, the CIBC Index ETFs) are not sponsored, endorsed, sold or promoted by Morningstar, and Morningstar makes no representation regarding the advisability of investing in the CIBC Index ETFs.

About CIBC

CIBC is a leading North American financial institution with 10 million personal banking, business, public sector and institutional clients. Across Personal and Business Banking, Commercial Banking and Wealth Management, and Capital Markets businesses, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada with offices in the United States and around the world. Ongoing news releases and more information about CIBC can be found at www.cibc.com/en/about-cibc/media-centre.html.

About CIBC Asset Management

CIBC Asset Management, Inc. (CAM), the asset management subsidiary of CIBC, provides a range of high-quality investment management services and solutions to retail and institutional investors. CAM’s offerings include: a comprehensive platform of mutual funds, strategic managed portfolio solutions, discretionary investment management services for high-net-worth individuals, and institutional portfolio management. CAM is one of Canada’s largest asset management firms, with over $162 billion in assets under administration as of May 2021.

SOURCE CIBC

June 23, 2021 7:36 am

ServiceLink Survey Reveals How COVID-19 Pandemic Spurred Shifts in Homebuying Trends

The ServiceLink State of Homebuying Report demonstrates the role of technology in homebuying and refinancing processes

PR Newswire

PITTSBURGH, June 23, 2021 /PRNewswire/ — COVID-19 dramatically shifted the way people bought and sold homes over the last year. Like many industries, the real estate industry was forced to quickly pivot to adapt to social distancing, mask requirements and shutdowns. A new survey report, released today from ServiceLink, part of the FNF family of companies and the nation’s premier provider of tech-enabled mortgage services, examines consumers’ attitudes and experiences when it comes to homebuying and refinancing, particularly over the last year, as well as the role technology plays throughout the homebuying process.

The 2021 ServiceLink State of Homebuying Report features insights from 1,000 homeowners and provides a better understanding of: how high home prices and low inventory impacted their decision to move or not; if they took advantage of historic low interest rates or why they didn’t; and how the pandemic has influenced their experience with technology.

Key findings of the report include:

Homebuying: Many respondents considered buying a home during the COVID-19 pandemic, but only a few ultimately proceeded. Another third are optimistic about buying in 2021.

11% purchased a home in the last 12 months. Of those that did buy, 36% did so to upsize from their current home, 32% bought as an investment and 23% needed more space to work remotely.
One-third (33%) considered but ultimately decided against purchasing a home in the past year. Of those that didn’t buy, 34% decided to upgrade instead, 31% said housing options were too expensive and 24% indicated their financial situation changed.
Nearly one-third (32%) believe they are likely to purchase a new home in 2021.

Budgeting for a home: More respondents financed their homes (43%) with cash/savings than with a traditional bank lender (42%).

This gap jumps to 50% cash and 32% lender for those who bought in the last year.
28% received money from family and friends, either being gifted/inheriting funds (14%) or borrowed (14%) from those closest to them.
11% borrowed from their 401ks to finance their home. Nearly 1 in 5 (17%) of Gen Z/millennials borrowed from their 401k.

Refinancing: The youngest generation of homebuyers led the surge in refinances in 2020, but many are still waiting in the wings.

30% of survey respondents refinanced last year, primarily driven by Gen Z/millennial respondents at 45%, whereas 30% of Gen X and only 6% of baby boomer respondents refinanced.
Those who did not refinance last year mainly said they had a rate they were comfortable with (40%) or were waiting for rates to drop even further (27%).
Additionally, 50% of respondents said they were unlikely to refinance in 2021.

Technology: Technology is greatly improving and accelerating much of the homebuying process, improving consumer sentiment as well.

Of those respondents leveraging tech, they primarily used it to research property listings online (74%) or take a virtual tour of properties (47%).
18% even said that moving forward they would consider buying a home without seeing it in person first.

“The COVID-19 pandemic and market conditions forced the real estate industry to reassess how it serves today’s homebuyer. With the evolution of technology to help streamline the process, it’s not surprising that our data found consumers are turning to tech-enabled providers who can meet their needs through any phase of the process,” said Dave Steinmetz, president of origination services, ServiceLink. “With interest rates at historic lows, I am encouraged by the number of younger respondents who have recently refinanced. However, for those unlikely to refinance this year, many could be leaving significant money on the table if they are waiting for rates to drop even further, as our study suggests. This demonstrates an opportunity for lenders to increase awareness and education around the benefits of refinancing in today’s market.”

Read the full report here.

Methodology

The 2021 ServiceLink State of Homebuying Report was completed online among 1,000 homeowners, ages 18+ in the U.S. Interviewing was conducted by Market Cube, a research panel company, between April 14-19, 2021.

About ServiceLink

ServiceLink is part of the FNF family of companies and the nation’s premier provider of digital mortgage services to the mortgage and finance industries. ServiceLink leads the way by delivering best-in-class technologies, a full product suite of services and proven experience, built on a foundation of quality, compliance and service excellence. ServiceLink provides valuation, title and closing, and flood services to mortgage originators; and default valuation, integrated default title services, vendor invoicing and claims audit services, as well as field services and auction services to mortgage servicers. ServiceLink helps clients in the lending industry and beyond achieve their strategic goals, realize greater efficiencies, and better serve their customers. For more information about ServiceLink, please visit svclnk.com.

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SOURCE ServiceLink

June 23, 2021 7:36 am

MindMed Appoints MGH Psychiatrist-in-Chief Dr. Maurizio Fava to Scientific Advisory Board

PR Newswire

NEW YORK, June 23, 2021 /PRNewswire/ — MindMed (Nasdaq: MNMD) (NEO: MMED) (DE: MMQ) (the “Company”), a leading biotech company developing psychedelic-inspired therapies, has announced the addition of Dr. Maurizio Fava, a world-leading expert in psychiatry and psychiatric clinical trials from Massachusetts General Hospital and the Harvard Medical School to the Company’s Scientific Advisory Board.

Dr. Fava obtained his MD from the University of Padova School of Medicine where he completed residency training in endocrinology. Thereafter, he completed residency training in psychiatry at Massachusetts General Hospital where he founded and was Director of the hospital’s Depression Clinical and Research Program (DCRP) from 1990 to 2014. In 2007, Dr. Fava founded the Massachusetts General Hospital’s Psychiatry Clinical Trials Network and Institute (CTNI), the first academic contract research organization specialized in planning and coordination of multi-center clinical trials in psychiatry; he currently acts as their Executive Director.

Under Dr. Fava’s direction, the DCRP became one of the most highly regarded depression programs in the United States, a model for academic programs that link, in a bi-directional fashion, clinical and research work. Dr. Fava has been successful in obtaining more than a total of $120,000,000 of funding as principal or co-principal investigator from both the National Institutes of Health and other sources. His prominence in the field is reflected in his role as the co-principal investigator of the National Institute of Mental Health (NIMH) Sequenced Treatment Alternatives to Relieve Depression (STAR*D), the largest research study ever conducted in the area of depression, and of the RAPID Network, the NIMH-funded series of studies of novel, rapidly-acting antidepressant therapies.

Dr. Fava is a world leader in the field of depression. He has authored or co-authored more than 800 original articles published in medical journals with international circulation, edited eight books, and published more than 50 chapters and over 600 abstracts.

MindMed CEO Robert Barrow said, “We are incredibly excited to welcome Dr. Fava as the newest member of our Scientific Advisory Board. His wisdom and experience as a thought leader in psychiatry are unparalleled and his insights and guidance will be invaluable. I look forward to working closely with Dr. Fava and the entire Scientific Advisory Board as we advance our mission of delivering psychedelic-inspired therapies to patients in need.”

Dr. Fava stated, “I am delighted to join MindMed’s Scientific Advisory Board. Massachusetts General Hospital has recently launched a new Center for the Neuroscience of Psychedelics to better understand the drugs’ effects on the brain, their mechanisms, and potential for therapeutic purposes. MindMed’s focus on psychedelic medicine is certainly aligned with the scientific interests of our department.”

MindMed’s Scientific Advisory Board is composed of a diverse group of members with expertise in psychiatry, neuroscience, and clinical development. The board leverages decades of deep knowledge in biotech and psychiatry to guide MindMed’s development programs. Members represent institutions such as Johns Hopkins, NYU Langone Health, Duke University, National Institutes of Health, Stanford University, and Albany Medical College.

Scientific Advisory Board Chair, Dr. Robert Malenka added, “I am very excited that Dr. Fava has joined our Scientific Advisory Board. His extensive experience in designing rigorous and sophisticated clinical trials will accelerate MindMed’s efforts to initiate efficient clinical trials that provide clear answers about the therapeutic effectiveness of MindMed’s innovative treatment regimens.”

About MindMed

MindMed is a clinical-stage biotech company that discovers, develops and deploys psychedelic inspired medicines and therapies to address addiction and mental health. The Company is assembling a compelling drug development pipeline of innovative treatments based on psychedelic substances including psilocybin, LSD, MDMA, DMT and an ibogaine derivative, 18-MC. The MindMed executive team brings extensive biopharmaceutical experience to MindMed’s approach of developing the next generation of psychedelic inspired medicines and therapies.

MindMed trades on the NASDAQ under the symbol MNMD and on the Canadian NEO exchange under the symbol MMED. MindMed is also traded in Germany under the symbol MMQ. For more information: www.mindmed.co

MindMed Forward-Looking Statements

Certain statements in this news release related to the Company constitute “forward-looking information” within the meaning of applicable securities laws and are prospective in nature. Forward-looking information is not based on historical facts, but rather on current expectations and projections about future events and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. These statements generally can be identified by the use of forward-looking words such as “will”, “may”, “should”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe”, “potential” or “continue”, or the negative thereof or similar variations. Forward-looking information in this news release include statements regarding the expertise of the Scientific Advisory Board and ability to leverage the knowledge of the Scientific Advisory Board, the ability to develop and the potential success of using technology to improve health outcomes, the pursuit of strategic initiatives, and the Company’s intended future business plans and operations, including the development of psychedelic inspired medicines and experiential therapies. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the Company. There are numerous risks and uncertainties that could cause actual results and the Company’s plans and objectives to differ materially from those expressed in the forward-looking information, including history of negative cash flows; limited operating history; incurrence of future losses; availability of additional capital; lack of product revenue; compliance with laws and regulations; difficulty associated with research and development; risks associated with clinical trials or studies; heightened regulatory scrutiny; early stage product development; clinical trial risks; regulatory approval processes; novelty of the psychedelic inspired medicines industry; as well as those risk factors discussed or referred to herein and the risks described under the headings “Risk Factors” in the Company’s filings with the securities regulatory authorities in all of the provinces and territories of Canada and available under the Company’s profile on SEDAR at www.sedar.com and with the U.S. Securities and Exchange Commission on EDGAR at www.sec.gov. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results and future events could differ materially from those anticipated in such information. Although the Company has attempted to identify important risks, uncertainties and factors that could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, the Company does not intend and does not assume any obligation to update this forward-looking information.

Media Contact:
[email protected]

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SOURCE Mind Medicine (MindMed) Inc.

June 23, 2021 7:36 am

New ReTo Project to Conduct Annual Iron Ore Tailings Treatment with Capacity of Three Million Tons and Anticipated Sales of Approximately RMB 280 Million

PR Newswire

BEIJING, June 23, 2021 /PRNewswire/ — ReTo Eco-Solutions, Inc. (NASDAQ: RETO) (“ReTo” or the “Company”), a provider of technology solutions for the improvement of ecological environments, today announced a new iron tailings project (the “Project”) in the Hainan Province with a three-million-ton treatment capacity, which is expectedto yield approximately RMB 280 million (approximately US$43.7 million) annual sales after reaching production. .

ReTo will design, build and manage a facility in the Hainan Province and this latest project will be responsible for the largest volume of iron tailings in Hainan. ReTo was selected by the local government based on its patented technology, ability to implement and manage secondary sorting of iron tailings, selection and use of iron ore, and expertise in recycling the remaining ore and processing it into environmentally friendly building materials. The Company expects to generate RMB 131 million (approximately US$20.4 million) of gross profit from the Project.

The Company adopts the world’s most advanced, mature and reliable technologies for production by adopting various systems such as three-stage crushing, two-stage screening, sand making and beneficiation. The remaining material from the Company’s production can also be used as an aggregate to produce building materials.

Iron ore tailings, one of the most common solid wastes in the world, are a byproduct of the beneficiation process of iron ore concentrate. The volume of this type of waste has accelerated in China in recent years due to its rapid economical growth, and expansion in iron and steel industries. The high volume of waste generated creates a significant environmental and economic cost due to its massive land occupation and ecological damage, which result in safety hazard. Therefore, there is a greater need than ever for effective waste management systems and solutions.

Mr. Hengfang Li, ReTo’s Chairman and Chief Executive Officer, said, “This is a great way for us to start 2021 as we continue to build on our business momentum from 2020. We have been a leader in Hainan’s ecological and environmental protection industry for the past ten years. The construction of this latest project will help us build excellent reputation and improve track-record of success in the region. We will be providing a comprehensive recycling, capture and reuse solution, which will help mitigate the damaging effect of the existing waste problem, while at the same time helping to recover for reuse valuable iron resources that would otherwise be lost. There is also great significance to this project as it will showcase our one-stop, comprehensive solid waste utilization and ecological management strategy, while putting into practice our philosophy of using science and technology to restore ecology, as we strive to make the daily living environment more beautiful for Hainan’s residents.”

About ReTo Eco-Solutions, Inc. (NASDAQ: RETO)

Founded in 1999, ReTo (NASDAQ: RETO), through its proprietary technologies, systems and solutions, is striving to bring clean water and fertile soil to communities worldwide. The Company offers a full range of products and services, ranging from the production of environmentally-friendly construction materials, environmental protection equipment, and manufacturing equipment used to produce environmentally-friendly construction materials, to project consulting, design, and installation for the improvement of ecological environments, such as ecological soil restoration through solid waste treatment. For more information, please visit: http://en.retoeco.com.

Forward-Looking Statements

This press release contains forward-looking statements. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may,” “will,” “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate,” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Specifically, the Company’s statements regarding: 1) the ability of additional features and customized configurations on its machinery and equipment products to attract new customers; 2) the ability of the growth of its business to resume in the near future; and 3) the further spread of COVID-19 or the occurrence of another wave of cases and the impact it may have on the Company’s operations are forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company’s goals and strategies; the Company’s future business development; product and service demand and acceptance; changes in technology; economic conditions; the growth of the construction industry in China; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in China and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the Securities and Exchange Commission. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the U.S. Securities and Exchange Commission, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

For more information, please contact:
ReTo Eco-Solutions, Inc.
Giorgio Zhao
Beijing Phone: +86-010-64827328
[email protected] or [email protected]

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SOURCE ReTo Eco-Solutions, Inc.

June 23, 2021 7:35 am

Cytokinetics Announces Three Presentations to Occur at the European Society of Cardiology Heart Failure 2021 Congress

SOUTH SAN FRANCISCO, Calif., June 23, 2021 (GLOBE NEWSWIRE) — Cytokinetics, Incorporated (Nasdaq:CYTK) today announced three presentations at Heart Failure 2021, an International Congress of the European Society of Cardiology taking place online from June 29, 2021 – July 1, 2021. The presentations will include a Late Breaking Clinical Trial Session with additional analyses from GALACTIC-HF (Global Approach to Lowering Adverse Cardiac Outcomes Through Improving Contractility in Heart Failure) relating to the influence of baseline atrial fibrillation on the treatment effect of omecamtiv mecarbil. Additional presentations will include secondary analyses from GALACTIC-HF relating to the effects of treatment with omecamtivmecarbil on subgroups of patients in the trial.

Late Breaking Clinical Trial Session

Title: Influence of Atrial Fibrillation on Efficacy of Omecamtiv Mecarbil in Heart Failure: The GALACTIC-HF Trial
Presenter: Scott Solomon, M.D., Edward D. Frohlich Distinguished Chair, Professor of Medicine, Harvard Medical School and Director of Noninvasive Cardiology, Brigham and Women’s Hospital
Date: June 29, 2021
Topic: Chronic Heart Failure
Session Title: Late-Breaking Trials 1
Session Type: Special Session
Session Time: 4:40 PM CET

Clinical Trial Updates

The following presentations will be available on demand for registered attendees beginning on June 29, 2021 at 8:00 AM CET.

Title: Efficacy of Omecamtiv Mecarbil in Heart Failure with Reduced Ejection Fraction According to N-Terminal Pro-B-Type Natriuretic Peptide Level: Insights from the GALACTIC-HF Trial
Presenter: John McMurray, M.D., Professor of Medical Cardiology & Honorary Consultant Cardiologist, Institute of Cardiovascular & Medical Sciences, BHF Cardiovascular Research Centre, University of Glasgow
Date: June 29, 2021
Topic: Chronic Heart Failure
Session Title: Clinical Trial Updates
Session Type: Clinical Trial Update

Title:
Omecamtiv Mecarbil in Patients with Severe Heart Failure: An Analysis from Global Approach to Lowering Adverse Cardiac Outcomes through Improving Contractility in Heart Failure (GALACTIC-HF)
Presenter: Michael Felker, M.D., Professor of Medicine, Duke Clinical Research Institute
Date: June 29, 2021
Topic: Chronic Heart Failure
Session Title: Clinical Trial Updates
Session Type: Clinical Trial Update

About Cytokinetics

Cytokinetics is a late-stage biopharmaceutical company focused on discovering, developing and commercializing first-in-class muscle activators and next-in-class muscle inhibitors as potential treatments for debilitating diseases in which muscle performance is compromised and/or declining. As a leader in muscle biology and the mechanics of muscle performance, the company is developing small molecule drug candidates specifically engineered to impact muscle function and contractility. Cytokinetics is preparing a U.S. NDA submission of omecamtiv mecarbil, its novel cardiac muscle activator, following positive results from GALACTIC-HF, a large, international Phase 3 clinical trial in patients with heart failure. Cytokinetics is conducting METEORIC-HF, a second Phase 3 clinical trial of omecamtiv mecarbil. Cytokinetics is developing CK-274, a next-generation cardiac myosin inhibitor, for the potential treatment of hypertrophic cardiomyopathies (HCM). Cytokinetics is conducting REDWOOD-HCM, a Phase 2 clinical trial of CK-274 in patients with obstructive HCM. Cytokinetics is also developing reldesemtiv, a fast skeletal muscle troponin activator for the potential treatment of ALS and other neuromuscular indications following conduct of FORTITUDE-ALS and other Phase 2 clinical trials. The company is preparing for the potential advancement of CK-274 to a Phase 3 clinical trial in obstructive HCM and reldesemtiv to a Phase 3 clinical trial in ALS. Cytokinetics continues its over 20-year history of pioneering innovation in muscle biology and related pharmacology focused to diseases of muscle dysfunction and conditions of muscle weakness.

For additional information about Cytokinetics, visit www.cytokinetics.com and follow us on Twitter, LinkedIn, Facebook and YouTube.

Forward-Looking Statements

This press release contains forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995 (the “Act”). Cytokinetics disclaims any intent or obligation to update these forward-looking statements and claims the protection of the Act’s Safe Harbor for forward-looking statements. Examples of such statements include, but are not limited to, statements relating to the GALACTIC-HF clinical trial, statements relating to the potential benefits of omecamtiv mecarbil. Cytokinetics’ research and development activities; the design, timing, results, significance and utility of preclinical and clinical results; and the properties and potential benefits of Cytokinetics’ other drug candidates. Such statements are based on management’s current expectations, but actual results may differ materially due to various risks and uncertainties, including, but not limited to, potential difficulties or delays in the development, testing, regulatory approvals for trial commencement, progression or product sale or manufacturing, or production of Cytokinetics’ drug candidates that could slow or prevent clinical development or product approval; Cytokinetics’ drug candidates may have adverse side effects or inadequate therapeutic efficacy; the FDA or foreign regulatory agencies may delay or limit Cytokinetics’ ability to conduct clinical trials; Cytokinetics may be unable to obtain or maintain patent or trade secret protection for its intellectual property; standards of care may change, rendering Cytokinetics’ drug candidates obsolete; and competitive products or alternative therapies may be developed by others for the treatment of indications Cytokinetics’ drug candidates and potential drug candidates may target. For further information regarding these and other risks related to Cytokinetics’ business, investors should consult Cytokinetics’ filings with the Securities and Exchange Commission.

Contact:

Cytokinetics
Diane Weiser
Senior Vice President, Corporate Communications, Investor Relations
(415) 290-7757

June 23, 2021 7:35 am

Heat Biologics Announces Significant Expansion of R&D and Pre-Clinical Capabilities at Corporate Headquarters

Investments expected to accelerate development timelines and reduce development expenses

DURHAM, N.C., June 23, 2021 (GLOBE NEWSWIRE) — Heat Biologics,Inc. (“Heat”)(NASDAQ:HTBX), a clinical-stage biopharmaceutical company focused on developing first-in-class therapies to modulate the immune system, including multiple oncology product candidates and a novel COVID-19 vaccine, today announced the expansion of its research and development facilities in Morrisville, North Carolina. The expansion will support the addition of enhanced research and development capabilities including in-house synthesis of antibodies and other drugs/reagents as well as an expanded vivarium for onsite pre-clinical studies.

Jeff Wolf, Chief Executive Officer of Heat Biologics, stated, “We are delighted to announce plans to double the size of the current facilities to support and accelerate activities around our oncology and non-oncology programs. By bringing more of our development and pre-clinical activities in-house, we expect to accelerate R&D timelines and generate cost savings on research and development that would have otherwise been achieved through use of third-party service providers. We look forward to leveraging these new facilities as we accelerate our discovery and development efforts.”

About Heat Biologics, Inc.

Heat Biologics is a biopharmaceutical company focused on developing first-in-class therapies to modulate the immune system. The company’s gp96 platform is designed to activate immune responses against cancer or infectious diseases. The Company has multiple product candidates in development leveraging the gp96 platform, including HS-110, which has completed enrollment in its Phase 2 trial, and a COVID-19 vaccine program in preclinical development. In addition, Heat is also developing a pipeline of proprietary immunomodulatory antibodies and cell-based therapies, including PTX-35 and HS-130, both currently in Phase 1 clinical trials.

For more information, please visit: www.heatbio.com, and also follow us on Twitter.

Forward Looking Statement

This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 on our current expectations and projections about future events. In some cases, forward-looking statements can be identified by terminology such as “may,” “should,” “potential,” “continue,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,” and similar expressions. These statements are based upon current beliefs, expectation, and assumptions and include statements such as
accelerating R&D timelines and generating cost savings on research and development that would have otherwise been achieved through use of third-party service providers by bringing development and pre-clinical activities in-house and leveraging the new facilities to
accelerate our discovery and development efforts. These statements are subject to a number of risks and uncertainties, many of which are difficult to predict, including the ability of Heat to leverage the new facilities to
accelerate R&D timelines and generate the ability of Heat’s therapies to perform as designed, to demonstrate safety and efficacy, as well as results that are consistent with prior results, the ability to enroll patients and complete the clinical trials on time and achieve desired results and benefits, especially in light of COVID-19, Heat’s ability to obtain regulatory approvals for commercialization of product candidates or to comply with ongoing regulatory requirements, regulatory limitations relating to Heat’s ability to promote or commercialize its product candidates for specific indications, acceptance of its product candidates in the marketplace and the successful development, marketing or sale of products, Heat’s ability to maintain its license agreements, the continued maintenance and growth of its patent estate, its ability to establish and maintain collaborations, its ability to obtain or maintain the capital or grants necessary to fund its research and development activities, its ability to continue to maintain its listing on the Nasdaq Capital Market and its ability to retain its key scientists or management personnel, and the other factors described in Heat’s most recent annual report on Form 10-K filed with the SEC, and other subsequent filings with the SEC. The information in this release is provided only as of the date of this release, and Heat undertakes no obligation to update any forward-looking statements contained in this release based on new information, future events, or otherwise, except as required by law.

Media and Investor Relations Contact

David Waldman
+1 919 289 4017
[email protected]

June 23, 2021 7:35 am

SEE Increases Investment in Automated Packaging Systems

SEE Increases Investment in Automated Packaging Systems

Expanding and upgrading global facilities with state-of-the-art manufacturing and digital technology

CHARLOTTE, N.C.–(BUSINESS WIRE)–
Sealed Air Corporation (NYSE: SEE) has dedicated more than $30 million in capital to expand global production capacity and invest in new equipment systems to meet the accelerating demand for Automated Packaging Systems (APS) AUTOBAG^® brand solutions, an acquisition Sealed Air closed in 2019.

The investment is for capacity expansion, “touchless” automation, and proprietary digital printing technologies primarily in SEE’s APS facilities in Streetsboro and Bedford Heights, Ohio and Keyser, West Virginia, and will be completed in 2021. The company will also expand capacity and install new equipment at APS sites in Malvern, UK; Cavite, Philippines; and Qingpu, China.

“The successful acquisition and integration of APS into SEE has accelerated our growth and innovation in “touchless” automation and bagging systems for e-commerce, industrial, and food customers,” said Sergio Pupkin, Sealed Air’s Chief Growth & Strategy Officer.

Doubling AUTOBAG^® Equipment Sales Over Next Three Years

The acceleration of e-commerce driven by the pandemic has increased demand for automated packaging solutions across multiple end markets including e-retailers, consumer goods, medical supplies, industrials, and food.

“As our customers shift their facilities to a more touchless environment, we are experiencing increased demand for our AUTOBAG^® automated equipment, and sustainable packaging materials,” said Pupkin. “These investments will allow us to meet this rapidly growing demand by delivering automated solutions that make our customers’ operations safer, smarter and faster.”

Our People Make a Difference in This New Automated World

The company’s “touchless” automation initiative is driving new jobs and is behind the demand for a skilled workforce that can support the essential supply chain and help SEE achieve its growing fulfillment goals. The company is hiring for approximately 80 APS jobs in Ohio and West Virginia.

All of Sealed Air’s open positions are posted on the company’s career webpage.

About Sealed Air

Sealed Air (NYSE: SEE) is in business to protect, to solve critical packaging challenges, and to make our world better than we found it. Our packaging technology, solutions, and systems create a safer, more resilient and less wasteful global food supply chain, enable e-commerce, and protect goods transported worldwide.

Our globally recognized brands include CRYOVAC^® brand food packaging, SEALED AIR^® brand protective packaging, AUTOBAG^® brand automated systems, BUBBLE WRAP^® brand packaging, and SEE^™ Automation solutions.

SEE’s Operating Model, along with industry-leading experts in materials, engineering, technology, and science are driving our innovative solution systems to be more sustainable, automated, and digitally connected.

SEE is leading the packaging industry to create a more environmentally, socially, and economically sustainable future and has pledged to design or advance 100% of its packaging materials to be recyclable or reusable by 2025, and a bolder goal to reach net-zero carbon emissions in its global operations by 2040.The company is also committed to a diverse workforce and inclusive culture through its 2025 Diversity, Equity and Inclusion pledge.

SEE generated $4.9 billion in sales in 2020 and has approximately 16,500 employees who serve customers in 117 countries/territories. To learn more, visit sealedair.com.

Website Information

We routinely post important information for investors on our website, sealedair.com, in the Investors section. We use this website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor the Investors section of our website, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 concerning our business, consolidated financial condition and results of operations. Forward-looking statements are subject to risks and uncertainties, many of which are outside our control, which could cause actual results to differ materially from these statements. Therefore, you should not rely on any of these forward-looking statements. Forward-looking statements can be identified by such words as “anticipate,” “believe,” “plan,” “assume,” “could,” “should,” “estimate,” “expect,” “intend,” “potential,” “seek,” “predict,” “may,” “will” and similar references to future periods. All statements other than statements of historical facts included in this press release regarding our strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Examples of forward-looking statements include, among others, statements we make regarding expected future operating results, expectations regarding the results of restructuring and other programs, anticipated levels of capital expenditures and expectations of the effect on our financial condition of claims, litigation, environmental costs, contingent liabilities and governmental and regulatory investigations and proceedings. The following are important factors that we believe could cause actual results to differ materially from those in our forward-looking statements: global economic and political conditions, currency translation and devaluation effects, changes in raw material pricing and availability, competitive conditions, the success of new product offerings, consumer preferences, the effects of animal and food-related health issues, pandemics, changes in energy costs, environmental matters, the success of our restructuring activities, the success of our financial growth, profitability, cash generation and manufacturing strategies and our cost reduction and productivity efforts, changes in our credit ratings, the tax benefit associated with the Settlement agreement (as defined in our most recent Annual Report on Form 10-K), regulatory actions and legal matters, and the other information referenced in the “Risk Factors” section appearing in our most recent Annual Report on Form 10-K, as filed with the Securities and Exchange Commission, and as revised and updated by our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Any forward-looking statement made by us is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210623005502/en/

Investor Relations

Lori Chaitman

[email protected]

516.458.4455

Media

Christina Griffin

[email protected]

704.430.5742

KEYWORDS: North Carolina United States North America

INDUSTRY KEYWORDS: Packaging Retail Manufacturing Food/Beverage

MEDIA:

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June 23, 2021 7:35 am

Patterson Companies Reports Fiscal 2021 Fourth-Quarter and Year End Operating Results

Patterson Companies Reports Fiscal 2021 Fourth-Quarter and Year End Operating Results

Fourth-quarter reported net sales increased 21.4 percent year-over-year to $1.56 billion, and internal sales increased 23.5 percent.
Fourth-quarter GAAP earnings of $0.30 per diluted share and adjusted earnings per share of $0.38 per diluted share.
Fiscal 2021 reported net sales increased 7.7 percent compared to fiscal 2020, and internal sales increased 8.2 percent.
Fiscal 2021 Dental segment internal sales increased 10.4 percent and fiscal 2021 Animal Health segment internal sales increased 7.7 percent.
Delivered fiscal 2021 GAAP earnings of $1.61 per diluted share and adjusted earnings¹ of $1.91 per diluted share, an increase of 23.2 percent over fiscal 2020.
Issues fiscal 2022 GAAP earnings guidance of $1.61 to $1.76 per diluted share and adjusted earnings¹ range of $1.90 to $2.05 per diluted share.

ST. PAUL, Minn.–(BUSINESS WIRE)–
Patterson Companies, Inc. (Nasdaq: PDCO) today reported consolidated net sales of $1.56 billion (see attached Sales Summary for further details) in its fiscal fourth quarter ended April 24, 2021, an increase of 21.4 percent compared to the same period last year. Internal sales, which are adjusted for the effects of currency translation and changes in product selling relationships, increased 23.5 percent.

Reported net income attributable to Patterson Companies, Inc. for the fourth quarter of fiscal 2021 was $28.8 million, or $0.30 per diluted share, compared to a reported net loss attributable to Patterson Companies, Inc. of $608.6 million, or $6.44 per diluted share, in the fourth quarter of fiscal 2020. Adjusted net income¹ attributable to Patterson Companies, Inc., which excludes deal amortization, integration and business restructuring expenses, an investment loss and goodwill impairment totaled $36.6 million for the fourth quarter of fiscal 2021, or $0.38 per diluted share, compared to $41.1 million in the same quarter of fiscal 2020, or $0.43 per diluted share. The reported net income and adjusted net income attributable to Patterson Companies, Inc. for the fourth quarter of fiscal 2021 included the after-tax impact of Covid-related inventory adjustments and a LIFO adjustment, both within our Dental segment, of approximately $18.2 million or $0.19 per diluted share.

“Patterson delivered strong performance during our 2021 fiscal year as we navigated the historic challenges posed by the Covid-19 pandemic to support our customers across our end markets,” said Mark Walchirk, President and CEO of Patterson Companies. “We grew our full-year adjusted EPS by 23 percent over the prior year through driving strong top line growth, operational excellence and disciplined expense management.”

“I am incredibly proud of our entire Patterson team for living our values and supporting our customers and business partners through the challenges of this past year. Looking ahead, we expect business conditions in our end markets to continue improving, and we remain focused on delivering top line growth and margin improvement. Additionally, our strengthened balance sheet provides us with the flexibility to consider strategic investments that will help accelerate growth and value creation for our shareholders.”

Patterson Dental

Reported net sales in our Dental segment for the fourth quarter of fiscal 2021, which represented approximately 40 percent of total company sales, were $616.0 million compared to $409.6 million in the fourth quarter of last year. Internal sales increased 49.1 percent compared to the fiscal 2020 fourth quarter, including 53.1 percent growth in consumables and 63.0 percent growth in equipment and software.

Patterson Animal Health

Reported net sales in our Animal Health segment for the fourth quarter of fiscal 2021, which comprised approximately 60 percent of the company’s total sales, were $939.3 million compared to $853.2 million in the fourth quarter of last year. Internal sales for the segment increased 13.8 percent from the fiscal 2020 fourth quarter with companion animal posting internal sales growth of 29.6 percent compared to the same period one year ago.

Full-Year Fiscal 2021 Results

Consolidated reported net sales for fiscal 2021 totaled $5.91 billion, a 7.7 percent year-over-year increase. Internal sales for fiscal 2021 increased 8.2 percent compared to fiscal 2020. Reported net income attributable to Patterson Companies, Inc. in fiscal 2021 was $156.0 million, or $1.61 per diluted share, compared to a net loss attributable to Patterson Companies, Inc, of $588.4 million, or $6.25 per diluted share in fiscal 2020. Adjusted net income¹ attributable to Patterson Companies, Inc., which excludes deal amortization, integration and business restructuring expenses, legal reserve costs, accelerated debt-related costs, investment (gain) loss and goodwill impairment, totaled $185.0 million, or $1.91 per diluted share. This compares to $147.6 million, or $1.55 per diluted share in fiscal 2020, representing a 23.2 percent increase year-over-year.

Balance Sheet and Capital Allocation

During the full year of fiscal 2021, Patterson Companies used $730.5 million of cash from operating activities and collected deferred purchase price receivables of $834.0 million, netting $103.5 million in cash, compared to a total of $297.4 million during the full year of fiscal 2020. The previous year period contained a trade accounts receivable facility amount of $29.0 million. Free cash flow¹ (see definition below and attached free cash flow table) generated during fiscal 2021 was $77.7 million, which was $148.9 million lower than fiscal 2020 primarily due to an increased level of working capital during fiscal 2021.

In the fourth quarter of fiscal 2021, Patterson Companies declared a quarterly cash dividend of $0.26 per share. For the full year of fiscal 2021, Patterson returned $75.2 million in cash dividends to shareholders.

Fiscal 2022 Guidance

Patterson Companies today announced its fiscal 2022 earnings guidance, which is provided on both a GAAP and non-GAAP adjusted¹ basis:

GAAP earnings are expected to be in the range of $1.61 to $1.76 per diluted share.
Non-GAAP adjusted earnings¹ are expected to be in the range of $1.90 to $2.05 per diluted share.
Our non-GAAP adjusted earnings¹ guidance excludes the after-tax impact of:
- Deal amortization expenses of approximately $28.2 million ($0.29 per diluted share).

Our guidance is for current operations as well as completed or previously announced acquisitions and does not include the impact of potential future acquisitions, dispositions or similar transactions, if any, or impairments and material restructurings beyond those previously publicly disclosed. Our guidance assumes North American and international market conditions will improve over those experienced in fiscal 2021 and not revert back to the pandemic environment of early fiscal 2021.

¹Non-GAAP Financial Measures

The Reconciliation of GAAP to non-GAAP Measures table appearing behind the accompanying financial information is provided to adjust reported GAAP measures, namely operating income (loss), income (loss) before taxes, income tax expense (benefit), net income (loss), net income (loss) attributable to Patterson Companies, Inc. and diluted earnings (loss) per share attributable to Patterson Companies, Inc., for the impact of deal amortization, integration and business restructuring expenses, legal reserve costs, accelerated debt-related costs, discrete tax matters, investment (gain) loss and goodwill impairment, along with the related tax effects of these items.

The term “free cash flow” used in this release is defined as net cash used in operating activities less capital expenditures less the one-time benefit from the initiation of our trade accounts receivables facilities plus the collection of deferred purchase price receivables.

In addition, the term “internal sales” used in this release represents net sales adjusted to exclude the impact of foreign currency and changes in product selling relationships. Foreign currency impact represents the difference in results that is attributable to fluctuations in currency exchange rates the company uses to convert results for all foreign entities where the functional currency is not the U.S. dollar. The company calculates the impact as the difference between the current period results translated using the current period currency exchange rates and using the comparable prior period’s currency exchange rates. The company believes the disclosure of net sales changes in constant currency provides useful supplementary information to investors in light of significant fluctuations in currency rates.

Management believes that these non-GAAP measures may provide a helpful representation of the company’s fourth-quarter and full year performance and enable comparison of financial results between periods where certain items may vary independent of business performance. These non-GAAP financial measures are presented solely for informational and comparative purposes and should not be regarded as a replacement for corresponding, similarly captioned, GAAP measures.

Fourth-Quarter Conference Call and Replay

Patterson Companies’ fiscal 2021 fourth-quarter conference call will start at 8:30 a.m. Eastern today. Investors can listen to a live webcast of the conference call at www.pattersoncompanies.com. The conference call will be archived on the Patterson Companies website. A replay of the fiscal 2021 fourth quarter conference call can be heard for one week at 800-585-8367 and by providing the Conference ID 2782998 when prompted.

About Patterson Companies Inc.

Patterson Companies Inc. (Nasdaq: PDCO) connects dental and animal health customers in North America and the U.K. to the latest products, technologies, services and innovative business solutions that enable operational and professional success. Our comprehensive portfolio, distribution network and supply chain is equaled only by our dedicated, knowledgeable people who deliver unrivalled expertise and unmatched customer service and support.

Learn more: pattersoncompanies.com

This press release contains, and our officers and representatives may from time to time make, certain “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, including statements regarding future financial performance, and the objectives and expectations of management. Forward-looking statements often include words such as “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “seeks” or words of similar meaning, or future or conditional verbs, such as “will,” “should,” “could” or “may.” Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not place undue reliance on any of these forward-looking statements.

Any number of factors could affect our actual results and cause such results to differ materially from those contemplated by any forward-looking statements, including, but not limited to, the following: the effects of the highly competitive dental and animal health supply markets in which we compete; the COVID-19 pandemic and measures taken in response thereto; general economic conditions, including political and economic uncertainty; risks from disruption to our information systems; our ability to comply with restrictive covenants in our amended credit agreement; our dependence on relationships with sales representatives, service technicians and customers; our ability to realize the long-term strategic benefits of our acquisition of Animal Health International; potential disruption of distribution capabilities, including service issues with third-party shippers; our ability to provide our sales force and customers with the latest technology; our dependence on suppliers for the manufacture and supply of the products we sell; material changes in our purchasing relationship with suppliers; the risk that private label sales could adversely affect our relationships with suppliers; our dependence on positive perceptions of Patterson’s reputation; risks inherent in acquiring other businesses; the risk that our acquired technology or developed technology might not be successful in maintaining or gaining customers; litigation risks, including new or unanticipated litigation developments and new or unanticipated regulatory investigations; changes in consumer preferences; regulatory restrictions; the cyclicality of the livestock market; the outbreak of an infectious disease within the production animal or companion animal population; pressure from animal rights groups; adverse changes in supplier rebates; fluctuations in quarterly financial results; volatility in the price of our stock; risks from the expansion of customer purchasing power; increases in over-the-counter sales of companion animal products; the risks inherent in international operations, including currency fluctuations; the effects of health care reform; failure to comply with regulatory requirements and data privacy laws; cyberattacks or other privacy or data security breaches; the risk of the products we sell becoming obsolete or containing undetected errors; volatility in the financial markets; our dependence on our senior management; our dependence on leadership development and succession planning; disruptions from our enterprise resource planning system; risks associated with shareholder activism; the risk of being required to record impairment charges; the risk of audit by tax authorities; risks associated with interest rate fluctuations; and the risk that our governing documents and Minnesota law may discourage takeovers and business combinations. The order in which these factors appear should not be construed to indicate their relative importance or priority. We caution that these factors may not be exhaustive, accordingly, any forward-looking statements contained herein should not be relied upon as a prediction of actual results.

You should carefully consider these and other relevant factors, including those risk factors in Part I, Item 1A, (“Risk Factors”) in our most recent Form 10-K, as amended and supplemented by our Quarterly Report on Form 10-Q for the quarterly period ended October 24, 2020, and information which may be contained in our other filings with the U.S. Securities and Exchange Commission, or SEC, when reviewing any forward-looking statement. Investors should understand it is impossible to predict or identify all such factors or risks. As such, you should not consider the foregoing list, or the risks identified in our SEC filings, to be a complete discussion of all potential risks or uncertainties.

Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We do not undertake any obligation to release publicly any revisions to any forward-looking statements whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.


PATTERSON COMPANIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)

	Three Months Ended						Twelve Months Ended
	April 24, 2021			April 25, 2020			April 24, 2021			April 25, 2020

Net sales	$	1,561,793		$	1,286,461		$	5,912,066		$	5,490,011
Gross profit		304,405			294,032			1,203,130			1,197,410
Operating expenses		267,057			233,440			992,523			1,094,474
Goodwill impairment		—			675,055			—			675,055
Operating income (loss)		37,348			(614,463	)		210,607			(572,119	)

Other income (expense):
Other income (expense), net		4,028			(10,994	)		13,608			23,499
Interest expense		(5,680	)		(7,467	)		(24,284	)		(41,787	)
Income (loss) before taxes		35,696			(632,924	)		199,931			(590,407	)
Income tax expense (benefit)		7,182			(24,127	)		44,822			(1,040	)
Net income (loss)		28,514			(608,797	)		155,109			(589,367	)
Net loss attributable to noncontrolling interests		(241	)		(211	)		(872	)		(921	)
Net income (loss) attributable to Patterson Companies, Inc.	$	28,755		$	(608,586	)	$	155,981		$	(588,446	)

Earnings (loss) per share attributable to Patterson Companies, Inc.:
Basic	$	0.30		$	(6.44	)	$	1.63		$	(6.25	)
Diluted	$	0.30		$	(6.44	)	$	1.61		$	(6.25	)

Weighted average shares:
Basic		95,977			94,462			95,599			94,154
Diluted		97,393			94,462			96,664			94,154

Dividends declared per common share	$	0.26		$	0.26		$	1.04		$	1.04


PATTERSON COMPANIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)

	April 24, 2021		April 25, 2020

ASSETS
Current assets:
Cash and cash equivalents	$	143,244	$	77,944
Receivables, net		449,235		416,523
Inventory		736,778		812,194
Prepaid expenses and other current assets		286,672		236,104
Total current assets		1,615,929		1,542,765
Property and equipment, net		219,438		303,725
Operating lease right-of-use assets, net		77,217		79,021
Goodwill and identifiable intangibles, net		419,576		452,229
Long-term receivables, net and other		419,351		337,610
Total assets	$	2,751,511	$	2,715,350

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	609,264	$	862,093
Other accrued liabilities		294,400		182,099
Operating lease liabilities		32,252		30,706
Current maturities of long-term debt		100,750		—
Borrowings on revolving credit		53,000		—
Total current liabilities		1,089,666		1,074,898
Long-term debt		487,545		587,766
Non-current operating lease liabilities		48,318		49,854
Other non-current liabilities		161,311		166,388
Total liabilities		1,786,840		1,878,906
Stockholders’ equity		964,671		836,444
Total liabilities and stockholders’ equity	$	2,751,511	$	2,715,350


PATTERSON COMPANIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
(In thousands)
(Unaudited)

	Twelve Months Ended
	April 24, 2021			April 25, 2020

Operating activities:
Net income (loss)	$	155,109		$	(589,367	)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization		78,896			82,182
Investment gain		—			(34,334	)
Goodwill impairment		—			675,055
Non-cash employee compensation		30,488			37,354
Accelerated amortization of debt issuance costs on early retirement of debt		—			8,984
Non-cash losses (gains) and other, net		1,318			—
Change in assets and liabilities:
Receivables		(916,694	)		(540,065	)
Inventory		91,193			(59,258	)
Accounts payable		(268,338	)		219,613
Accrued liabilities		85,849			25,474
Long term receivables		(5,801	)		(7,156	)
Other changes from operating activities, net		17,461			(62,026	)
Net cash used in operating activities		(730,519	)		(243,544	)

Investing activities:
Additions to property and equipment		(25,788	)		(41,809	)
Collection of deferred purchase price receivables		833,958			540,944
Other investing activities		2,493			—
Net cash provided by investing activities		810,663			499,135

Financing activities:
Dividends paid		(75,183	)		(100,442	)
Proceeds from issuance of long-term debt, net		—			296,700
Payments on long-term debt		—			(460,840	)
Draw on revolving credit		53,000			—
Other financing activities		(462	)		(6,647	)
Net cash used in financing activities		(22,645	)		(271,229	)
Effect of exchange rate changes on cash		7,801			(2,064	)
Net change in cash and cash equivalents		65,300			(17,702	)
Cash and cash equivalents at beginning of period		77,944			95,646
Cash and cash equivalents at end of period	$	143,244		$	77,944


PATTERSON COMPANIES, INC.
SALES SUMMARY
(Dollars in thousands)
(Unaudited)

	April 24, 2021		April 25, 2020¹		Total Sales Growth		Foreign Exchange Impact		Other²		Internal Sales Growth
Three Months Ended

Consolidated net sales
Consumable	$	1,262,772	$	1,061,273	19.0	%	1.6	%	(4.3	)%	21.7	%
Equipment and software		206,190		127,738	61.4		1.6		—		59.8
Value-added services and other		92,831		97,450	(4.7	)	0.6		—		(5.3	)
Total	$	1,561,793	$	1,286,461	21.4	%	1.5	%	(3.6	)%	23.5	%

Dental
Consumable	$	357,248	$	231,551	54.3	%	1.2	%	—	%	53.1	%
Equipment and software		182,938		110,927	64.9		1.9		—		63.0
Value-added services and other		75,846		67,116	13.0		0.5		—		12.5
Total	$	616,032	$	409,594	50.4	%	1.3	%	—	%	49.1	%

Animal Health
Consumable	$	905,524	$	829,722	9.1	%	1.7	%	(5.5	)%	12.9	%
Equipment and software		23,252		16,811	38.3		—		—		38.3
Value-added services and other		10,541		6,708	57.1		3.4		—		53.7
Total	$	939,317	$	853,241	10.1	%	1.7	%	(5.4	)%	13.8	%

Corporate
Value-added services and other	$	6,444	$	23,626	(72.7	)%	—	%	—	%	(72.7	)%
Total	$	6,444	$	23,626	(72.7	)%	—	%	—	%	(72.7	)%

¹		Certain sales were reclassified between categories to conform to the current period presentation.
²		Sales of certain products previously recognized on a gross basis were recognized on a net basis during the three and twelve months ended April 24, 2021.


PATTERSON COMPANIES, INC.
SALES SUMMARY
(Dollars in thousands)
(Unaudited)

	April 24, 2021		April 25, 2020¹		Total Sales Growth		Foreign Exchange Impact		Other²		Internal Sales Growth
Twelve Months Ended

Consolidated net sales
Consumable	$	4,748,441	$	4,374,829	8.5	%	0.6	%	(1.3	)%	9.2	%
Equipment and software		822,267		749,390	9.7		0.3		—		9.4
Value-added services and other		341,358		365,792	(6.7	)	0.2		—		(6.9	)
Total	$	5,912,066	$	5,490,011	7.7	%	0.5	%	(1.0	)%	8.2	%

Dental
Consumable	$	1,314,261	$	1,141,189	15.2	%	0.3	%	—	%	14.9	%
Equipment and software		731,132		677,677	7.9		0.3		—		7.6
Value-added services and other		281,628		283,056	(0.5	)	0.1		—		(0.6	)
Total	$	2,327,021	$	2,101,922	10.7	%	0.3	%	—	%	10.4	%

Animal Health
Consumable	$	3,434,180	$	3,233,640	6.2	%	0.7	%	(1.7	)%	7.2	%
Equipment and software		91,135		71,713	27.1		—		—		27.1
Value-added services and other		34,679		30,900	12.2		1.5		—		10.7
Total	$	3,559,994	$	3,336,253	6.7	%	0.7	%	(1.7	)%	7.7	%

Corporate
Value-added services and other	$	25,051	$	51,836	(51.7	)%	—	%	—	%	(51.7	)%
Total	$	25,051	$	51,836	(51.7	)%	—	%	—	%	(51.7	)%

¹		Certain sales were reclassified between categories to conform to the current period presentation.
²		Sales of certain products previously recognized on a gross basis were recognized on a net basis during the three and twelve months ended April 24, 2021.


PATTERSON COMPANIES, INC.
OPERATING INCOME (LOSS) BY SEGMENT
(In thousands)
(Unaudited)

	Three Months Ended						Twelve Months Ended
	April 24, 2021			April 25, 2020			April 24, 2021			April 25, 2020

Operating income (loss)
Dental	$	29,227		$	32,846		$	201,244		$	168,304
Animal Health	32,518			(645,979		)	88,123			(594,743		)
Corporate	(24,397		)	(1,330		)	(78,760		)	(145,680		)
Total	$	37,348		$	(614,463	)	$	210,607		$	(572,119	)


PATTERSON COMPANIES, INC.
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
(Dollars in thousands, except per share amounts)
(Unaudited)

For the three months ended April 24, 2021	GAAP			Deal amortization		Integration and business restructuring expenses		Legal reserve costs		Accelerated debt-related costs		Investment (gain) loss		Goodwill impairment		Non-GAAP
Operating income (loss)	$	37,348		$	9,261	$	1,090	$	—	$	—	$	—	$	—	$	47,699
Other expense, net		(1,652	)		—		—		—		—		—		—		(1,652	)
Income (loss) before taxes		35,696			9,261		1,090		—		—		—		—		46,047
Income tax expense (benefit)		7,182			2,196		273		—		—		—		—		9,651
Net income (loss)		28,514			7,065		817		—		—		—		—		36,396
Net loss attributable to noncontrolling interests		(241	)		—		—		—		—		—		—		(241	)
Net income (loss) attributable to Patterson Companies, Inc.	$	28,755		$	7,065	$	817	$	—	$	—	$	—	$	—	$	36,637

Weighted average shares*		97,393															97,393

Diluted earnings (loss) per share attributable to Patterson Companies, Inc.**	$	0.30		$	0.07	$	0.01	$	—	$	—	$	—	$	—	$	0.38

Operating income (loss) as a % of sales		2.4	%														3.1	%
Effective tax rate		20.1	%														21.0	%

For the three months ended April 25, 2020	GAAP			Deal amortization		Integration and business restructuring expenses		Legal reserve costs		Accelerated debt-related costs		Investment (gain) loss		Goodwill impairment		Non-GAAP
Operating income (loss)	$	(614,463	)	$	9,252	$	2,000	$	—	$	—	$	—	$	675,055	$	71,844
Other expense, net		(18,461	)		—		—		—		—		623		—		(17,838	)
Income (loss) before taxes		(632,924	)		9,252		2,000		—		—		623		675,055		54,006
Income tax expense (benefit)		(24,127	)		2,201		500		—		—		156		34,428		13,158
Net income (loss)		(608,797	)		7,051		1,500		—		—		467		640,627		40,848
Net loss attributable to noncontrolling interests		(211	)		—		—		—		—		—		—		(211	)
Net income (loss) attributable to Patterson Companies, Inc.	$	(608,586	)	$	7,051	$	1,500	$	—	$	—	$	467	$	640,627	$	41,059

Weighted average shares*		94,462															95,394

Diluted earnings (loss) per share attributable to Patterson Companies, Inc.**	$	(6.44	)	$	0.07	$	0.02	$	—	$	—	$	—	$	6.72	$	0.43

Operating income (loss) as a % of sales		(47.8	)%														5.6	%
Effective tax rate		3.8	%														24.4	%


* When we present GAAP or non-GAAP net loss attributable to Patterson Companies, Inc., incremental shares related to dilutive securities are not included in the diluted EPS calculation because they would have an anti-dilutive impact on EPS. When we present GAAP or non-GAAP net income attributable to Patterson Companies, Inc., incremental shares related to dilutive securities are included in the diluted EPS calculation.
** May not sum due to rounding and difference in weighted average shares used to calculate diluted earnings (loss) per share.


PATTERSON COMPANIES, INC.
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
(Dollars in thousands, except per share amounts)
(Unaudited)

For the twelve months ended April 24, 2021	GAAP			Deal amortization		Integration and business restructuring expenses		Legal reserve costs		Accelerated debt-related costs		Investment (gain) loss			Goodwill impairment		Non-GAAP
Operating income (loss)	$	210,607		$	37,002	$	1,090	$	—	$	—	$	—		$	—	$	248,699
Other expense, net		(10,676	)		—		—		—		—		—			—		(10,676	)
Income (loss) before taxes		199,931			37,002		1,090		—		—		—			—		238,023
Income tax expense (benefit)		44,822			8,792		273		—		—		—			—		53,887
Net income (loss)		155,109			28,210		817		—		—		—			—		184,136
Net loss attributable to noncontrolling interests		(872	)		—		—		—		—		—			—		(872	)
Net income (loss) attributable to Patterson Companies, Inc.	$	155,981		$	28,210	$	817	$	—	$	—	$	—		$	—	$	185,008

Weighted average shares*		96,664																96,664

Diluted earnings (loss) per share attributable to Patterson Companies, Inc.**	$	1.61		$	0.29	$	0.01	$	—	$	—	$	—		$	—	$	1.91

Operating income (loss) as a % of sales		3.6	%															4.2	%
Effective tax rate		22.4	%															22.6	%

For the twelve months ended April 25, 2020	GAAP			Deal amortization		Integration and business restructuring expenses		Legal reserve costs ‡		Accelerated debt-related costs		Investment (gain) loss			Goodwill impairment		Non-GAAP
Operating income (loss)	$	(572,119	)	$	37,010	$	15,461	$	81,254	$	—	$	—		$	675,055	$	236,661
Other expense, net		(18,288	)		—		—		—		9,943		(33,711	)		—		(42,056	)
Income (loss) before taxes		(590,407	)		37,010		15,461		81,254		9,943		(33,711	)		675,055		194,605
Income tax expense (benefit)		(1,040	)		8,802		3,870		7,113		2,486		(7,728	)		34,428		47,931
Net income (loss)		(589,367	)		28,208		11,591		74,141		7,457		(25,983	)		640,627		146,674
Net loss attributable to noncontrolling interests		(921	)		—		—		—		—		—			—		(921	)
Net income (loss) attributable to Patterson Companies, Inc.	$	(588,446	)	$	28,208	$	11,591	$	74,141	$	7,457	$	(25,983	)	$	640,627	$	147,595

Weighted average shares*		94,154																95,059

Diluted earnings (loss) per share attributable to Patterson Companies, Inc.**	$	(6.25	)	$	0.30	$	0.12	$	0.78	$	0.08	$	(0.27	)	$	6.74	$	1.55

Operating income (loss) as a % of sales		(10.4	)%															4.3	%
Effective tax rate		0.2	%															24.6	%

‡ Includes costs and expenses incurred in the first quarter of fiscal 2020 of $17,666 related to the settlement of litigation with SourceOne Dental, Inc., costs and expenses incurred in the second quarter of fiscal 2020 of $58,300 related to the then-probable settlement of litigation with the U.S. Attorney’s Office for the Western District of Virginia and $5,288 related to other legal proceedings.
* When we present GAAP or non-GAAP net loss attributable to Patterson Companies, Inc., incremental shares related to dilutive securities are not included in the diluted EPS calculation because they would have an anti-dilutive impact on EPS. When we present GAAP or non-GAAP net income attributable to Patterson Companies, Inc., incremental shares related to dilutive securities are included in the diluted EPS calculation.
** May not sum due to rounding and difference in weighted average shares used to calculate diluted earnings (loss) per share.


PATTERSON COMPANIES, INC.
FREE CASH FLOW
(In thousands)
(Unaudited)

	Twelve Months Ended
	April 24, 2021			April 25, 2020

Net cash used in operating activities	$	(730,519	)	$	(243,544	)
Additions to property and equipment		(25,788	)		(41,809	)
Collection of deferred purchase price receivables		833,958			540,944
Impact of trade account receivables facility		—			(29,000	)
Free cash flow	$	77,651		$	226,591

View source version on businesswire.com: https://www.businesswire.com/news/home/20210623005484/en/

INVESTOR CONTACT: John M. Wright, Investor Relations

COMPANY: Patterson Companies Inc.

TEL: 651.686.1364

EMAIL: [email protected]

MEDIA CONTACT: Patterson Corporate Communications

COMPANY: Patterson Companies Inc.

TEL: 651.905.3349

EMAIL: [email protected]

WEB: pattersoncompanies.com

KEYWORDS: Minnesota United States North America

INDUSTRY KEYWORDS: General Health Health Dental Veterinary

MEDIA:

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June 23, 2021 7:34 am

LIZHI Podcast Launches on Tencent WeScenario

GUANGZHOU, China, June 23, 2021 (GLOBE NEWSWIRE) — LIZHI INC. (“LIZHI” or the “Company”) (NASDAQ: LIZI), a leading online UGC audio community and interactive audio entertainment platform in China, announced that its vertical podcast platform LIZHI Podcast has officially launched on the Tencent WeScenario in-car platform.

WeScenario is a light, app-based Internet of Vehicles (IoV) ecosystem built by Tencent. It provides a set of native application frameworks specially tailored for driving scenarios by leveraging the versatility of WeChat Mini Programs. WeScenario relies on cloud-based updates which can be used without download and installation. It effectively accelerates the transmission of Internet services and content to vehicles, thus allowing LIZHI Podcast’s audio content to stream more quickly and smoothly and enhancing users’ in-car digital experience.

Mr. Jinnan (Marco) Lai, Founder and Chief Executive Officer of LIZHI, said, “We are excited to introduce LIZHI Podcast on Tencent WeScenario. Shortly after the official launch of LIZHI Podcast in January this year, we also rolled out the WeChat Mini Program of LIZHI Podcast. We believe the integration of LIZHI Podcast on WeScenario takes interoperability under the Tencent ecosystem even further and enables us to bring LIZHI’s library of curated and exclusive high-quality podcast content to a wider range of users in various usage scenarios.

“Moving forward, we aim to cooperate with more industry leaders and companies through continuous innovation in audio technology and diversified podcast content, while also further expanding audio-applicable usage scenarios and providing users an immersive audio experience.”

About LIZHI INC.

LIZHI INC. (the “Company” or “LIZHI”) has built an audio ecosystem with a global presence consisting of audio-based social networks, podcast content portfolios and audio communities. The Company aims to bring people closer together through voices by its product portfolios. LIZHI’s audio-based social networking product offering, including TIYA App, caters to users’ evolving interest in social interactions in real time online and enables users to connect with friends having similar interests, entertain, chat online, and share their daily lives through voices. LIZHI also offers a vertical podcast platform, LIZHI Podcast, that provides users with curated content drawn from its extensive content library built over the years, as well as new podcasts provided by selected content creators. Since the launch of LIZHI App in 2013, the Company’s flagship platform, LIZHI has cultivated a vibrant and growing online UGC audio community and interactive audio entertainment platform where users are encouraged to create, share, discover and enjoy audio, and experience immersive and diversified entertainment features through audio. LIZHI envisions a global audio ecosystem – a place where everyone can be connected through voices and across cultures. LIZHI INC. has been listed on Nasdaq since January 2020.

Safe Harbor Statement

This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as “may”, “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the Securities Exchange Commission. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law.

For investor and media inquiries, please contact:

In China:
LIZHI INC.
IR Department
Tel: +86 (20) 3866-4265
E-mail: [email protected]

The Piacente Group, Inc.
Jenny Cai
Tel: +86 (10) 6508-0677
E-mail: [email protected]

In the United States:
The Piacente Group, Inc.
Brandi Piacente
Tel: +1-212-481-2050
E-mail: [email protected]